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Answering Sean’s question left in comments on The origins of Trusts...:
"Sean - Could you please explain what is meant by A, B and C ?"
Just like in physics all smallest particles can be explained, in Trust all parties can be explained! I want to do it short, well, as short as possible, in order to understand something, as we see there is plenty of information, but it is always so long and tends to be very complicated.
At the very basic level, the concept of the trust is when a person (Settlor) places assets in the legal custody of another person (Trustee). Subsequently the trustee holds the assets for the benefit of some third party (Beneficiary). The trust is not a separate legal entity, but more of a legal "obligation" agreed between the two parties - the settlor and the trustee. This agreement is outlined in formal documents, which is known as the Trust Deed.
Trust is a tool that is of somewhat similarity to a will, therefore development of this concept dates back when Roman law had developed this concept. First it was the development of the concept fidecommissum, which translates from latin “trust to commit” (fides – trust, committere – to commit). However this concept was never applied when creator would still be alive, hence just like a will.
The Trust we now know as a vehicle (legal relationship), which is used for the protection of one’s assets, property, estate, money, wealth e.t.c., originates, or shall I say was developed in England. One might say that the origins of trust are just as old as the origins of the term use. And use of land has existed since long ago, since medieval times - as long as 13th century. Why is the 13th century point of acknowledgement? This was because in this time the crusades were taking place and this is when trust was being used to convey ownership to a friend or someone trusted for the time while one would go into battle.
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